Business, 14.12.2021 02:20 ahorseman

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

Date TransactionNumber
of UnitsPer UnitTotal
Jan. 1 Inventory7,500 $75.00 $562,500
10 Purchase22,500 85.00 1,912,500
28 Sale11,250 150.00 1,687,500
30 Sale3,750 150.00 562,500
Feb. 5 Sale1,500 150.00 225,000
10 Purchase54,000 87.50 4,725,000
16 Sale27,000 160.00 4,320,000
28 Sale25,500 160.00 4,080,000
Mar. 5 Purchase45,000 89.50 4,027,500
14 Sale30,000 160.00 4,800,000
25 Purchase7,500 90.00 675,000
30 Sale26,250 160.00 4,200,000
Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

Midnight Supplies
Schedule of Cost of Goods Sold
Weighted Average Cost Method
For the Three Months Ended March 31
PurchasesCost of Goods SoldInventory
DateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal Cost
Jan. 1 $$
Jan. 10 $$
Jan. 28 $$
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31Balances $ $
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Total sales$
Total cost of goods sold$
Gross profit$
3. Determine the ending inventory cost as of March 31.
$ Please use same format to answer in the same exact location so that i can check my work

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:10

In three to four sentences, explain the effect of a price ceiling on the quantity of a good and who this intervention intends to assist

Answers: 3

Answer

Business, 21.06.2019 21:30

The following account balances at the beginning of january were selected from the general ledger of fresh bagel manufacturing company: work in process inventory $0 raw materials inventory $ 28 comma 100 finished goods inventory $ 40 comma 600 additional data: 1. actual manufacturing overhead for january amounted to $ 65 comma 000. 2. total direct labor cost for january was $ 63 comma 400. 3. the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $ 255 comma 000 of direct labor cost and $ 382 comma 500 of manufacturing overhead costs. 4. the only job unfinished on january 31 was job no. 151, for which total direct labor charges were $ 5 comma 200 (1 comma 300 direct labor hours) and total direct material charges were $ 14 comma 400. 5. cost of direct materials placed in production during january totaled $ 123 comma 700. there were no indirect material requisitions during january. 6. january 31 balance in raw materials inventory was $ 35 comma 300. 7. finished goods inventory balance on january 31 was $ 35 comma 400. what is the cost of goods manufactured for january?

Answers: 3

Answer

Business, 22.06.2019 20:40

Which one of the following statements is correct? process costing systems use periodic inventory systems. process costing systems assign costs to departments or processes for a time period. companies that produce many different products or services are more likely to use process costing systems. production is continuous when a job-order costing is used to ensure that adequate quantities are on hand.

Answers: 2

Answer

Business, 23.06.2019 00:30

Oimpermeable peaeiremblm: a garment you put on when it's raining. eddepnieent: a sales person. rrgteeaa: to negotiate the price of an article. jcaa: a box where the sales person keeps the money of his/her sales. rbatoa: something inexpensive. zalu: the color of the sky. gfolasdaes (3 words): an object that protects your eyes from the sun.

Answers: 2

Answer

You know the right answer?

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplie...

Questions